Which of the following is most likely to reduce structural unemployment?
a. A reduction in wage rates
b. Access to better information on local job openings
c. Retraining workers in marketable skills
d. Promotion of full employment through government stabilization policies
e. Reducing the cost of job loss through enhanced unemployment benefits
c
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The price elasticity of demand for Stork ice cream is -4. Suppose you're told that following a price increase, quantity demanded fell by 10 percent. What was the percentage change in price that brought about this change in quantity demanded?
A) 40 percent B) 25 percent C) 2.5 percent D) 0.4 percent
The economic analysis of minimum wage involves both normative and positive analysis. Consider the following consequences of a minimum wage:
a. The minimum wage law causes unemployment. b. Unemployment would be lower without a minimum wage law. c. Minimum wage laws benefit some workers and harm others. d. The minimum wage should be more than $7.25 per hour. Which of the consequences above are positive statements and which are normative statements? A) a and b are positive statements, c and d are normative statement. B) Only a is a positive statement, b, c, and d are normative statements. C) a and c are positive statements, b and d are normative statements. D) a, b, and c are positive statements and d is a normative statement.